Put your current loan on one page
Start with the balance, interest rate, remaining term, regular repayment and fees. Note any features you use, such as offset or redraw. This is the baseline for a useful comparison.
Account for the cost of changing
Discharge costs, application fees and fixed-rate break costs can change the result. Ask for actual quotes rather than assuming the cost of switching is small.
Compare a consistent term
Restarting a loan over a longer period can lower the repayment while increasing total interest. Compare the remaining term as well as any proposed new term.
A review can also mean staying put
The purpose of a review is to make an informed decision. A conversation with your existing lender, a different structure, refinancing or keeping your current loan may each be worth considering. There is no guaranteed saving.
